Savanna Secures Construction Loan For Downtown Brooklyn Building

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Savannas Christopher Schlank and Nicholas Bienstock with a rendering of 141 Willoughby Street (Savanna; SLCE Architects; Fogarty Finger Architects)

Savanna has secured $ 264 million home loan for its downtown Brooklyn office project.

The developer secured a senior loan on 141 Willoughby Street from PIMCO, citing sources unrelated to the transaction, according to Commercial Observer. It also grabbed mezzanine debt from CarVal Investors.

Savanna began construction on the 400,000 square foot project late last year. The real estate private equity firm bought the property from the Institute of Design and Construction for $ 28 million in 2014 and originally planned to build a mixed-use building of 270 apartments, some of which would have been affordable.

In 2019 it changed its plans and instead moved forward with an office tower.

Last summer, Savanna made a major acquisition by purchasing an office building in the Garment District on 1375 Broadway for $ 435 million.

The company is led by Christopher Schlank and Nick Beinstock and has invested billions of dollars through private equity funds since its inception in 2006. It makes opportunistic investments by buying real estate and upgrading it in order to sell it for a profit – all during the life of the various funds.

[CO] – Keith Larsen

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